How to buy land in Metaverse?

NFT Metaverse Land is a piece of virtual real estate represented by a non-fungible token. Owners rely on the platform to use their land for social, advertising, work, gaming and other use cases.

You can purchase NFT Metaverse land through project land sales or directly from landowners using the NFT marketplace. A digital wallet and cryptocurrency are required to purchase land. Land can also be sold to other users through various platforms, and a leasing mechanism will be introduced in the future.

Always buy NFT land in the secondary market from a land sale project or through a trusted NFT trading platform. Make sure to fully understand the relevant projects on the site and consider the financial risks involved.

The Metaverse is increasingly popular with tech enthusiasts, investors, and cryptocurrency enthusiasts. The demand for virtual land in a 3D digital world has greatly increased, and this market has similarities to real-world real estate. The process of buying and selling Metaverse NFT land is fairly simple, and you can follow our guide to do it easily.

What is Virtual NFT Metaverse Land?

NFT land is a purchasable piece of digital space within the Metaverse project. Non-Fungible Token (NFT) holders can use the land for various purposes or purely for speculation. Metaverse projects often divide maps into smaller areas and sell them as single or multiple land offerings. Transactions are usually paid in cryptocurrencies, but some projects also accept fiat.

Once purchased, the space typically offers a 3D virtual experience for owners and visitors to explore. Land is an NFT, so the authenticity and ownership of these digital assets can be easily proven. Owners can sell land on the secondary market of third-party trading platforms, or through the Metaverse project ecosystem.

What are the use cases for NFT virtual land?

Some investors may simply speculate, while other buyers may wish to use the land for a specific purpose. The project you choose will affect land use. If the land has enough traffic, it is often used to hold events, conferences, or even rent out advertising space. Firms such as PricewaterhouseCoopers also include their land in the service. If you buy land from an NFT game, you will most likely get in-game rewards from the plot.

How to Buy Land in the Metaverse

Buying NFT land is the same process as buying other NFTs. All you need is a wallet and some cryptocurrency to start buying. Do your own research before taking the plunge.

Step 1: Choose the Metaverse Platform

Before purchasing a Metaverse property, you need to select a Metaverse platform. The reason for purchasing the land will influence the choice of the project, which we will cover later in the recommendations section. We will use The Sandbox on Ethereum as a tutorial case, Decentraland is another popular choice.

Step 2: Set up the wallet

You need to create a wallet that enables you to use your own cryptocurrency. You can use a mobile wallet or a browser-based wallet, depending on your personal preference. In general, there are fewer problems with browser-based wallets.

MetaMask or Binance Chain wallets are both good options as they support multiple blockchains, but always verify that the wallet you are using supports the blockchain where the NFT land is located.

When you set up your wallet, you receive a string of words, which is your mnemonic. Put it in a safe place. It can help you get back in if you lose access to your wallet. It's best to store it in a place that is always offline.

Step 3: Associate Wallet with Sandbox Marketplace

On The Sandbox map, you can see the auctionable plots. Some of these can be auctioned directly through The Sandbox, while others are hosted on external exchanges such as OpeanSea.

Step 4: Buy SAND or Ether on Binance and transfer it to your wallet

You must have SAND or Ether (ETH) in your wallet to buy or bid on land. Buying ETH may be more useful as most The Sandbox land sales only accept ETH. You can buy SAND or ETH with a credit or debit card in your Binance account. For details on how to do it, please read the Coin Buying Guide.

After purchasing cryptocurrency, you need to transfer it to your personal cryptocurrency wallet. Copy the public address from the cryptocurrency wallet and use it as the withdrawal address. Follow our Withdrawal from Binance guide for proper steps.

Step 5: Choose a Plot

Use the filters below to easily sort through the land available in The Sandbox for auction or purchase. Most of The Sandbox land has already been sold, which means you can usually only find land on OpenSea. However, you can still bid on these sale lots through The Sandbox map. The Sandbox map is also the best way to verify the purchase of legitimate NFT plots, as the link to OpenSea is embedded into the user interface.

After you find some land you want to buy, you can click the [Bid] button to make an offer, or click the ETH amount to buy it at a fixed price. Let's see the case of bidding by clicking [Bid].

You will now see a popup window asking you to quote. Enter the bid amount and click [Bid], then confirm the transaction with the wallet. If the seller rejects your bid or the sale ends, the cryptocurrency will be returned to your wallet.

If you click Fixed Price, the page will jump to OpenSea to complete the transaction. Before buying land, you need to link your wallet to the market. If you do not want to quote through The Sandbox, you can also use OpenSea quotes.

How to sell land in the Metaverse

There are generally two ways to sell NFT land. You can sell through the Metaverse Project Market or on the secondary market. The Sandbox is currently only available on third-party marketplaces. In the future, landowners will be able to sell directly through The Sandbox for a 5% transaction fee in SAND.

If you want to sell land on OpenSea, just enter your profile and click the [Sell] button on the NFT. You can create fixed-price or fixed-time auctions.

How to lease land in the Metaverse

Projects such as The Sandbox offer landowners the opportunity to lease their land to third parties. But there is currently no official system to do this. If you decide to lease the land to someone else, you need to arrange it privately and the whole process is very risky. When renting out, NFT ownership must never be transferred to the tenant. It will be safer to wait until the official guaranteed rental system rolls out.

Buying NFT virtual land notes

Investing in NFT land is the same as investing in other projects, and the best practices should always be followed. Make sure to use the official project link or choose a reputable third-party marketplace to buy NFT land. Before buying, carefully research the platform you are investing in and check the fundamentals. Don't forget, buying isn't the only option. You may be able to lease some land later if you have specific needs.

Summarize

The digital real estate ecosystem is hugely popular in the cryptocurrency space. As you can see, buying and selling land is relatively easy. However, from a current price perspective, it is sometimes more expensive than investing in physical real estate. If you buy NFT metaverse land, make sure to consider the risks and follow cryptocurrency security practices.